Solution-What amount of gain was reported during second

What amount of gain was reported during second quarters

Reference no: EM133131164

Questions -

Q1. On May 7, 2021, Permission to Dance (PTD) Corporation sold a tract of land for P70,000 that resulted in a P30,000 gain on the sale. PTD agreed to accept one payment of P35,000 on August 15 and a second payment of P35,000 on December 15. PTD had a calendar year-end. What amount of gain was reported during the second, third, and fourth quarters of the year from this sale?

a. P30,000, P0 and P0

b. P10,000, P10,000 and P10,000

c. P7,500 for each of four quarters

d. P0, P0, P0, P0

e. P0, P15,000 and P15,000

Q2. For the current year, Work-From-Home Company received a donation of 3,000 shares with a par value of P20 from the shareholder. The market value of the share was P150. The shares were originally issued P50 per share. As a result of the donation, what was the decrease in the shareholder's equity?

a. 450,000

b. 300,000

c. 150,000

d. 0

Reference no: EM133131164

Questions Cloud

Determine the profit-maximising price : You are supplied with the following information for a Montreal based firm. Based on this answer the following questions:

What amount should be shown as operating profit : In reporting segment information, what amount should be shown as operating profit of Division 1 for the current year

Stranded hundreds of kilometers : Because of a typhoon, trucks that were supposed to transport agricultural goods were stranded hundreds of kilometers away from the warehouse.

What determines whether or not a resource is a scarce : 1. What determines whether or not a resource is a scarce? In what way do you economize (apply economics) as you go along your daily activities?

What amount of gain was reported during second quarters : PTD had a calendar year-end. What amount of gain was reported during the second, third, and fourth quarters of the year from this sale

Nature of the market segment : You are a major clothing retailer located in Texas, a state which currently does not tax clothing. The state estimates that not taxing clothing costs them $300

Mechanism affecting medicare utilization of healthcare : Advocates of tort reform argue that implementing a cap on jury awards for malpractice could reduce federal healthcare spending by the Medicare program through t

Information technology strategy in australia : Write critique of The alignment of business and information technology strategy in Australia

Explain how the way in which the public medicare program : Explain how the way in which the public Medicare program pays hospitals is somewhat similar to the way in which a private HMO uses capitation to pay physicians.

User Account

All Pages

What amount of gain was reported during second quarters

Reference no: EM133131164

Reference no: EM133131164

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT